A step towards the fight for black money, Rs 6,500 crore of undisclosed foreign assets have been declared under the complains window of the new law and the drive would continue despite its ‘side effects’.

In his address to the nation on the 69th Independence Day, he said several important steps including agreements with countries like the US for real time sharing of information on Indian nationals holding assets abroad have been taken.

Modi said that immediately after coming to power in May last year, the BJP government constituted a Special Investigation Team (SIT) on black money and later enacted a Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

The new law provides a 90-day compliance window ending September 30 to foreign assets holders to declare undisclosed assets, pay a total of 60 per cent tax and penalty to escape jail term of up to 10 years.